A bad decision by a buyers loan officer
Over and over I have emphasized, the best chance you have for a good mortgage experience is to use a lender your real estate agent has had experience with. An illustration of why I say this is a recent actual example.
A first time home buyer refused to use the Real Estate Agents recommended lender. He found something sinister in this. Instead, he went on line and found a lender using Google. It turns out this lender talks a good game, but is obviously a dope.
(Sorry, for the 60’s slang)
Against the request of the buyers agent, this Googled loan officer, in a hurry, ordered the appraisal before the inspection. The inspection caused the transaction to be cancelled, and now the slick talking Gooled lender is convincing the first time home buyer this is common practice.
Guess what? The buyer is paying for two appraisals now. Stupid! Not necessary! Not right!
Larry Cragun
I have had 2 closing in the last month where the buyers lender was someone they found on their own that I never heard of. In both cases the closing was a mess when the buyer found out the day of that they had to bring several hundred more dollars to the closing than the lender projected. At this point I would be happy with lenders that knew how to figure closing costs and communicate with buyers. If they know something about real estate that is a bonus. I get a little tired of doing my own job and the lenders job too. I am always the one that has to explain everything to the buyer before and at the closing. A little help here please.
We are out to fix this Teresa. Keep on watchin…Lar
Sad but true. It’s the same ole cliche….You can lead a horse to water……. In my own experience, it’s in everyone’s haste to find the cheapest deal that lands them in the hands of the crooks, of the mortgage industry. There are many loan professionals (I use the term “professionals” very liberally) that will tell prospective borrowers anything they want to hear at first. By the time the borrowers get to the closing table they soon find out that they had been dooped. By this time, borrowers are so tired of the process they tend to sign the papers anyway just to be done with it. It’s a vicious cycle that rewards the crooks. If borrowers would hold them accountable by actaully walking away from the closing table more often these crooks would be forced to find another job. Until such time, your blog is great information and hopefully we can combat these crooks with information.
Keep up the good work.